Harbor Group International Sells Class A Multifamily Community in Kansas City
KANSAS CITY – July 13, 2020 – Harbor Group International, LLC (“HGI”), a privately-owned international real estate investment and management firm, and its affiliates, today announced the sale of Coach House, an 807-unit apartment community in Kansas City, MO for $81 million. The property was acquired by an affiliate of HGI in January of 2020 as part of the Sunbelt Portfolio, a $1.85 billion transaction that included 13,243 apartment units in top-tier markets across the United States.
“HGI acquired the Sunbelt Portfolio to continue its successful strategy of buying wholesale and selling retail as individual assets achieve their business plans,” said T. Richard Litton, Jr., President of HGI, “During our due diligence process on the Sunbelt Portfolio, Coach House was identified for a sale early in our holding period. The pricing on the sale exceeded our initial projections and we are very pleased with the transaction.
HGI plans to continue executing individual investment plans for each property in the Sunbelt Portfolio, tracking market conditions, and selling on an asset by asset basis when the timing is right.
Coach House benefits from its location in Kansas City, a market that has seen significant growth in the technology sector, earning the nickname “The Silicon Prairie.”